SHANGHAI, July 24 (Reuters) – China’s central bank said on Friday it would conduct overnight reverse repo operations via the open market from July 29 to 31 and on August 3 to better meet short-term liquidity needs in the banking system.
The People’s Bank of China (PBOC) said it would inject 600 billion yuan ($88.58 billion) each day from Wednesday through Friday next week, followed by an additional 300 billion yuan on the following Monday through the liquidity tool.
The central bank debuted the new tool in June, a move markets interpreted as deepening its control over liquidity conditions and aligning its policy framework more closely with global peers.
($1 = 6.7735 Chinese yuan)
(Reporting by Beijing Newsroom)
